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In the wake of President Trump’s narrowly passed “big, beautiful bill,” one former Republican state senator argues it’s time for Washington to adopt a more permanent fiscal fix: a Tax-Limitation Balanced Budget Amendment (TLBBA).
Jim Oberweis, a longtime fiscal hawk and investment fund manager, believes America’s growing debt crisis is rooted not in under-taxation but chronic overspending. He says, “Every dollar of new taxes is met with $1.50 in new government outlays.”
The numbers are sobering: In 2024 alone, the U.S. government accumulated $196 billion in new debt monthly. That’s more than $6 billion per day, or $4.5 million in new debt per minute, according to data from the Congressional Budget Office.
The Core Argument
Oberweis contends that the only viable long-term solution is a constitutional amendment that limits Congress’s ability to raise taxes while enforcing a balanced budget requirement. The proposed TLBBA would:
- Require Congress to balance the federal budget annually
- Prohibit tax increases as a means to balance the budget
- Mandate automatic spending cuts when expenditures exceed revenues
- Allow exceptions only with a supermajority vote
“The temptation to hike taxes to close deficits is always there,” Oberweis warns. “This amendment would force Washington to shrink the size of government rather than expand the tax burden on working Americans.”
A Historical Echo
The concept isn’t new. A similar measure failed in the U.S. House nearly 30 years ago by just one vote. President Trump’s recent fiscal bill also passed by a single vote, illustrating both the narrow margins and the high stakes involved.
Oberweis urges the Trump administration to back the TLBBA and even jokingly suggests branding it the “Even Bigger, More Beautiful Bill.”
Opposition & Counterpoint
Critics of constitutional budget amendments argue that they reduce fiscal flexibility during crises (such as recessions or wars) and may force harmful cuts to essential programs. However, Oberweis believes the risks of inaction, unsustainable debt, higher inflation, and eventual fiscal collapse outweigh those concerns.
“We owe it to the next generation to hand them not just freedom and opportunity, but financial security,” he says.
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